106 views
Photo by Tima Miroshnichenko via Pexels.

64% of companies attacked by ransomware in 2023: survey

Half of the cyberattacks led to data being encrypted.

The latest survey from Sophos revealed that 64% of organisations in Singapore said they were hit by ransomware in the past year, a significant drop from previously 84%.

According to “The State of Ransomware in Singapore 2024,” which surveyed 165 respondents, the most common cause of the attack was exploited vulnerabilities, followed by compromised credentials.

Sophos said 50% of the attacks led to data being encrypted, and data was stolen in 25% of the attacks where information was encrypted.

Majority, or 98% of the ransomware attacks, also tried to compromise the companies’ backups. Sophos noted 45% of these were successful.

Meanwhile, 94% of organisations whose data was encrypted got their data back.

“For the first time in our five-year study, Singaporeans organisations are more likely to recover data by paying the ransom (63%) than using backups (58%),” Sophos noted. 

The mean ransom demand was $1.76m (US$1.31m), whilst the average ransom payment was $2.13m ( $1.58m).

Sophos said 98% of the companies reported the attack to authorities.

ALSO READ: Business leaders, security officers need to bridge cybersecurity communication gap

“Ransomware remains a major threat to Singaporean organisations of all sizes around the globe,” Sophos said. “As adversaries continue to iterate and evolve their attacks, it’s essential that defenders and their cyber defences keep pace.”

US$1= S$1.34

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Singapore’s new law weaves safety net for gig workers
Gig workers will be enabled to secure their retirement, benefit from improved workplace safety, and gain greater visibility within the industry.
Here’s how Gen Z consumer preference reshapes APAC’s marketing landscape
Gen Z consumers are observed to purchase based on pleasure and purpose, whilst being conscious of cost and convenience.

Event News

Event News

SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd Cards & Payments
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.
Cards & Payments SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.